Collection: Warren Buffett - #196 'How Their Investment Strategy Has Changed?'



[Transcript]

AUDIENCE MEMBER 00:08

Given your comments about newspapers, may we assume that you are probably not going to buy the Omaha World-Herald?


WARREN BUFFETT 00:13

I think that’s a fair assumption. But that would probably be true regardless of my thoughts about newspapers. Because they’re not going to sell.


Charlie, have you got anything to add on any of those?


CHARLIE MUNGER 00:25

Well, that story about the World-Herald is interesting. The truth of the matter is that, if Warren had been offered the Omaha World-Herald 20 or 25 years ago, he would’ve cheerfully bought it. And now he doesn’t want it. And that isn’t because of the economics.


WARREN BUFFETT 00:43

That’s true. Yeah, I mean, there’s no question — I have not been offered it, never will be offered it. And all — the ownership’s all set. But what Charlie said is true.


If it were still owned by an individual, and they offered it to me, for economic reasons, I wouldn’t want to buy it. And for other reasons, I wouldn’t want to buy it.


CHARLIE MUNGER 01:00

But you wouldn’t want to buy it now, because your life would be less congenial afterward than before. There’d be more people after you.


WARREN BUFFETT 01:07

There’d be no plus in life to owning the World-Herald, at all. Yeah. (Laughter)


And, as Charlie said, that’s probably not the way we would’ve thought 30 years ago.


CHARLIE MUNGER 01:18

Not at all.


WARREN BUFFETT 01:21

I think we’re right now. Number 2.


(Source: https://buffett.cnbc.com/2000-berkshire-hathaway-annual-meeting/)

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[YAPSS Takeaway]

Align your investments with your personal values.